When you first start accepting card payments, there are a few new processes to get your head around. One of the most important is performing an EFTPOS settlement. While it might sound technical, it’s actually a simple function that helps to make sure that the payments you’ve accepted are processed correctly and on their way to your bank account.
To help you get it right, our team of EFTPOS specialists have the answers to what an EFTPOS settlement is, why it matters, and what to do if something doesn’t quite look right.
An EFTPOS settlement is the process of finalising all the card transactions your business has processed during a trading period. Once a settlement is performed, the terminal closes off that batch of transactions and sends the payment information for processing so the funds can be deposited into your nominated business bank account.
Think of it as balancing the books for your EFTPOS machine. Throughout the day, your terminal records every approved transaction. Completing a settlement tells the system you’re finished trading for that period and ready for those payments to be processed.
An EFTPOS settlement helps to keep your payment records accurate and your funds processed quickly. It also makes reconciling your daily sales much easier, as the settlement report provides a clear summary of all the EFTPOS transactions processed during that trading period.
Although an EFTPOS settlement is completed automatically for you each day, you’re able to perform a settlement enquiry as part of your end of day process. This provides you with a printed report from your terminal with a breakdown of your takings for the day.
Before performing an EFTPOS settlement enquiry, it’s worth taking a quick moment to check that trading has finished for the day. Make sure all customer transactions have been completed and that there are no payments still being processed.
If you’re using an integrated POS system, it’s also good practice to check that your sales figures match what’s been processed through your EFTPOS terminal.
The exact process varies slightly depending on your EFTPOS terminal model, but most modern terminals have a dedicated settlement function within the main menu.
Navigate to the menu or administration section on your terminal and look for an option labelled “Settlement”, “Batch Settlement” or “Close Batch”.
If you’re unsure where this option is located, don’t worry. When you receive your EFTPOS machine from EFTPOS Now, we’ll make sure you understand how your specific terminal works and provide support whenever you need it.
Once you’ve selected the settlement option, the terminal will ask you to confirm that you want to complete the process.
After confirming, the terminal communicates securely with the payment network to process the batch of transactions. This usually happens pretty quickly, but avoid switching off the terminal or interrupting its connection.
Once completed successfully, your EFTPOS settlement enquiry is finalised for that trading period.
Once the settlement enquiry has been completed, your terminal will usually produce a settlement report.
This report provides a summary of the day’s transactions, including the number of sales processed and the total value of payments accepted.
Many businesses choose to keep these reports for accounting purposes, while others compare them against their POS reports to make sure everything balances correctly.
If your terminal offers digital reporting, you may also have the option of saving the report electronically.
A good habit is to compare your settlement report with your point of sale records or daily sales totals.
The figures should generally match. If they don’t, it doesn’t necessarily mean there’s a problem, but it’s worth investigating before closing out your day.
Differences can sometimes happen if a transaction was processed after the report was generated or if a refund was completed separately.
Checking your figures regularly makes it much easier to identify any discrepancies while they’re still fresh.
Once your automatic EFTPOS settlement has been completed, the transaction information is sent for processing and the settlement process begins.
The exact time it takes for the funds to appear in your account depends on your merchant services arrangement and your bank’s processing times.
For many New Zealand businesses using the domestic payment network, funds are typically available by the next business day, although settlement times can vary depending on the type of transaction and your merchant agreement.
Occasionally, an EFTPOS settlement may not complete successfully.
This could happen because of a temporary network interruption, a communication issue, or another technical reason.
In many cases, simply checking your internet or network connection and attempting the settlement again resolves the issue.
If the problem continues, don’t panic.
One of the benefits of working with EFTPOS Now is having access to experienced local support. Our team can help troubleshoot the issue, explain what’s happening, and get your terminal back on track as quickly as possible.
No, the funds are automatically settled for you at a scheduled time each day. You may still want to check your settlement reports regularly using the settlement enquiry method above to make sure everything has been processed correctly.
While the settlement process itself is automatic, having the right provider behind you can make a big difference when questions come up.
At EFTPOS Now, we work with businesses across New Zealand to provide reliable EFTPOS machines, merchant services and ongoing support. We don’t just supply terminals, we help our customers understand how to get the most from their payment systems.
Whether you’re choosing your first EFTPOS machine or upgrading an existing setup, our team takes the time to recommend a solution that suits your business and provides support long after installation.
Get in touch with us today for practical advice, reliable support, and payment solutions that can help you spend less time worrying about your EFTPOS system and more time running your business.
